ServiceNow has taken a significant step forward in fortifying its workflow understanding capabilities with the acquisition of UltimateSuite, a task mining company based in the Czech Republic. This strategic move is aimed at empowering ServiceNow to better capture and comprehend the flow of work within businesses. Although the specific acquisition cost remains undisclosed, UltimateSuite, a three-year-old startup, had previously secured €768,000 (approximately $839,000) in funding, reflecting a notable but not excessively large investment.
Task mining, an integral component of the burgeoning process mining landscape, enables companies to gain comprehensive insights into how work traverses through an organization. It specifically identifies bottlenecks, thus paving the way for enhanced operational efficiency. Notably, leaders in this space like Celonis have garnered immense traction, with Celonis securing $2.4 billion in funding and reaching a valuation of $13 billion as of October 2022. While UltimateSuite operates on a smaller scale with funding below $1 million, its integration into ServiceNow’s task mining arsenal significantly bolsters the company’s capabilities, according to Eduardo Chiocconi, ServiceNow’s VP and GM for process mining.
Chiocconi explains that prior to the acquisition, ServiceNow possessed the capability to delve into workflow intricacies but lacked the ability to dissect tasks at the user level. “UltimateSuite task mining is stepping in to bridge this gap,” he informed TechCrunch. The focus remains on optimizing business processes, and the addition of UltimateSuite amplifies ServiceNow’s potential in achieving this goal. Chiocconi emphasizes, “Insight without action lacks impact.” As ServiceNow identifies inefficiencies, the platform aims not only to provide insights but also to automate processes for seamless end-to-end workflow streamlining.
The roadmap post-acquisition involves integrating UltimateSuite’s functionalities into ServiceNow’s existing process mining capabilities. Chiocconi highlights ServiceNow’s strategy of organically integrating acquired capabilities into its unified platform. The amalgamation of UltimateSuite won’t be marketed as a standalone product; instead, ServiceNow seeks to augment its existing process mining suite with the acquired technology. Chiocconi reaffirms the commitment to “bring more value to our customers by integrating UltimateSuite’s IP and expertise organically into our process mining ecosystem.”
This marks ServiceNow’s third significant acquisition centered around AI and automation in recent years. Preceding the UltimateSuite acquisition, ServiceNow acquired G2K, an AI-powered workflow tool in May of this year, and Element AI, a Canadian startup, in late 2020. These strategic moves underscore ServiceNow’s commitment to enhancing its technological prowess and offering comprehensive workflow solutions bolstered by cutting-edge AI and automation.
